Honeycomb Insurance raises $40 million to expand AI underwriting platform

Honeycomb Insurance just gave investors a sharper test case for AI underwriting in commercial property: can the software make growth more disciplined in one of insurance’s hardest risk classes? The company raised $40 million in a Zeev Ventures-led round, bringing total funding to $95 million, and the money is going into the kind of expansion that matters most in this market, more states, better agent tools, and a deeper underwriting engine for apartment buildings and condominium associations.

That focus matters because commercial property is not a friendly place to fake it with automation. Catastrophe exposure, rate pressure, and volatile loss experience force carriers to make better calls on selection and pricing, not just move faster. Honeycomb’s pitch is that it can do both by combining artificial intelligence, proprietary risk models, and property-level data to assess each building on its own merits instead of leaning on broad portfolio heuristics. The company says its platform analyzes hundreds of structured and unstructured data points per property, including geospatial information, environmental data, building characteristics, and historical performance, then layers in high-resolution imagery and AI models.

The round brought in more than just Zeev Ventures. Existing backer Ibex Investors joined new investors Peakline, Alpha Partners, Meitar Partners, Practical VC, and former San Francisco 49ers player Harris Barton. Honeycomb said the fresh capital will support geographic expansion, improvements to agent-facing tools, and further development of its proprietary underwriting platform. That mix suggests the company is not just trying to buy volume. It is trying to make the product easier to use, faster to quote, and sturdy enough to hold up as it moves into more markets.

Honeycomb’s own numbers show how fast it has pushed. The company said it exited 2025 with $275 million in gross written premium, after earlier saying it was active in 18 states and insuring more than $35 billion in assets by November 2024. By July 2025, it said it insured more than $55 billion in assets and planned to hire about 50 employees. Its current footprint includes Arizona, California, Colorado, Connecticut, Georgia, Illinois, Indiana, Massachusetts, Maryland, Michigan, Minnesota, North Carolina, New Jersey, Ohio, Oregon, Pennsylvania, Texas, Utah, Virginia, Washington, and Wisconsin.

Itai Ben-Zaken said Honeycomb is building to become the category leader in commercial real estate insurance and that it did not simply “add AI to a legacy offering.” Oren Zeev said Honeycomb has scaled rapidly while remaining lean. That is the real investor bet here: whether an AI-native MGA can keep its underwriting discipline while widening distribution, deepening agent workflows, and proving that speed does not have to come at the expense of risk selection.